Private equity firm NBGI is increasing its hold on the “fragmented” medical supplies market by acquiring French injection moulder Stiplastics.
Laurent Allégot, investment director at NGBI, said the PE firm made the acquisition because the medical supplies market is ripe for consolidation.
“The market is very fragmented at the moment, which is a big drive for our interest,” he told European Plastics News. “The big pharma companies will be looking for larger, more global suppliers.”
The acquisition price was not disclosed but NBGI is hoping to increase Stiplastics’ turnover from €12.5m in 2012 to €23m in 2017.
Allégot says NGBI will look at growing the company by making small or niche acquisitions in overseas markets, as “global expansion is very much a goal”. It may also look at expanding Stiplastics’ current production facility in Beauvoir en Royans, France, depending on future deals with customers, he added.
Stiplastics currently specialises in injection moulding and produces medical packaging and supplies such as pill dispensers and measuring spoons. Its customers include European pharmaceutical leaders such as Novartis and Sanofi.
The acquisition is NGBI’s third in the medical sector. In 2010, it acquired Praticdose, a company dedicated to the storage of medicines in hospitals and retirement homes. The founder of Stiplastics is a former employee of Praticdose so the acquisition was a “natural fit”, said Allégot.
NGBI’s advisors on the deal included HPML, Audexo and PwC.